Criteria for the absence of arbitrage in one-dimensional general diffusion markets
为一维一般扩散市场模型建立了无套利（NA）、有界风险无无限利润（NUPBR）和消失风险无免费午餐（NFLVR）的确定性充要条件，并刻画了等价鞅测度的存在性，条件用尺度函数和速度测度表示。
Abstract We establish deterministic necessary and sufficient conditions for the no-arbitrage notions NA (“no arbitrage”), NUPBR (“no unbounded profit with bounded risk”) and NFLVR (“no free lunch with vanishing risk”) in one-dimensional general diffusion market models with finite and infinite time horizons. These are models whose (discounted) single risky asset price process $S$ <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML"> <mml:mi>S</mml:mi> </mml:math> is a regular continuous strong Markov process that is also a semimartingale. We further characterise the existence of an equivalent martingale measure in such models. All deterministic criteria are provided in terms of the scale function and the speed measure of $S$ <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML"> <mml:mi>S</mml:mi> </mml:math> .